The price of crude oil fell on Monday as investors awaited the Organization of the Petroleum Exporting Countries (OPEC) meeting later in the week for an agreement to curb supplies into next year.
Brent crude futures fell 39 cents, or 0.5 percent, to $80.19 a barrel by 0728 GMT, while U.S. West Texas Intermediate crude futures were at $75.10 a barrel, down 44 cents, or 0.6 percent.… Read the rest
The National Oil Spills Detection and Response Agency (NOSDRA) has said that 3000 barrels of oil lost at Egina FPSO was due to export hose failure.
On Sunday, November 26, Mr. Idris Musa, the Director-General/Chief Executive Officer of NOSDRA spoke with the News Agency of Nigeria and provided an update on the 3000 barrels of oil spill that occurred at Egina. … Read the rest
Africa’s most populated country is set to draw the battle line with OPEC+ and its allies as Africa’s largest oil producer aims for higher oil output, despite Crude prices falling in the past month as hopes of more supply cuts by the oil cartel were largely offset by a delay in the meeting.
Brent crude prices fell to $80 a barrel in the early hours of Monday despite a weaker reading in the dollar index, while U.S.… Read the rest
The Nigerian National Petroleum Company Limited has expressed its capacity to supply petroleum products to last beyond this year’s months and the New Year.
The NNPCL said the supply of petroleum products, especially the Premium Motor Spirit, known as petrol, would last beyond the Yuletide and New Year.
The Group Chief Executive Officer, NNPCL, Mallam Mele Kyari, said this when he led a delegation on a courtesy visit to the President of the Senate, Senator Godswill Akpabio, on Wednesday in Abuja.… Read the rest
For the first time since payment of subsidies became a nightmare, the Nigerian National Petroleum Company (NNPC) Limited has announced it has started paying dividends to shareholders, starting in July 2023.
Mele Kyari, NNPC Group Chief Executive Officer (GCEO), made this known when he led an NNPC delegation on a courtesy visit to Godswill Akpabio, the Senate President, at the National Assembly in Abuja, on Wednesday.… Read the rest
Nigeria and Germany have agreed on a deal for Africa’s largest oil producer to supply more gas to Germany while Berlin will also invest $500 million in renewable energy projects, Nigeria’s presidency has said.
Since he came to office in May, Nigerian President Bola Ahmed Tinubu has been courting foreign investors to Africa’s largest economy pointing to his reforms on fuel subsidies and currency controls as incentives.… Read the rest
The Nigerian Upstream Petroleum Regulatory Commission (NUPRC) yesterday warned players in the oil and gas industry against frustrating the Nigerian Gas Flare Commercialisation Programme (NGFCP) which aims to achieve zero routine burning of gas in the country.
The Chief Executive of NUPRC, Mr Gbenga Komolafe, during a meeting with chief executives of producers operating assets under the NGFCP in Abuja, stated that the programme must not be allowed to fail, given the local and international attention it has attracted.… Read the rest
Eni has temporarily paused arbitration proceedings over an oilfield dispute with the Nigerian authorities, reported Reuters, citing sources.
The oilfield, called oil prospecting licence (OPL) 245, is at the centre of the issue and is believed to be possibly the largest oil block in Nigeria.
The Italian oil and gas company has confirmed the suspension of the arbitration at the World Bank’s dispute settlement agency.… Read the rest
The former president of Poland, Bronisław Komorowski, will in December visit Nigeria for the African Industrial and Development Conference 2023.
The summit with the theme, ‘Energy and Sustainable Development in Africa,’ is organised by Dotmount Communications in collaboration with Yahoo Finance.
In a statement signed and made available to BusinessDay by the President of Dotmount Communications, Adedotun Olaoluwa said the conference will profile renewable energy opportunities available in Nigeria and Africa to producers of renewable power as their next investment destination.… Read the rest
Zach Adedeji, the Federal Inland Revenue Service (FIRS) chairman, has charged non-domestic companies shipping crude oil from Nigeria to ensure strict compliance with the country’s tax laws in their operations.
Adedeji gave the charge in Lagos at a workshop on taxation of non-resident shipping companies organised by FIRS in conjunction with the Oil Producers Trade Section (OPTS) on Monday.
He said the compliance exercise commenced by FIRS on the activities of foreign shipping companies lifting hydrocarbons from Nigeria was part of measures aimed at widening the tax net to grow revenue for the government.… Read the rest